Britain’s Competition and Markets Authority revoked its 2014 audit order on Nov. 4; separate statutory audit tendering requirements for public interest entities remain in force.
Under the 2014 rules, firms in the two indexes had to seek bids for their statutory audits at least once every 10 years. A company that had gone five years without a tender had to state when it planned to seek bids again and explain that decision.
The order also set out measures to strengthen auditors’ accountability to their companies’ audit committees. It arose from the CMA’s statutory audit services market investigation, conducted under the Enterprise Act 2002.
After reviewing the order, the CMA issued a final decision and removed the measure from its register of remedies in force. The order is no longer in effect.